Trump Rejects Iran Deal, Oil Jumps $4 as 10-Week War Chokes Strait of Hormuz

US President Trump rejected Iran’s response to a US-backed peace proposal, escalating concerns about the potential for the 10-week conflict to continue and further destabilize global energy markets. Oil prices jumped by more than $4 per barrel as fears grew that the Strait of Hormuz would remain largely closed. The situation has turned the Strait of Hormuz into a central pressure point of the war.